Author bio section

I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.

If you are pre-approved for a San Jose FHA loan, I have news for you. That pre-approval is not good anymore. I will tell you why! Starting today, FHA is making changes to the mortgage insurance premium.

If you do not know it already, FHA has both Upfront and Monthly mortgage insurance for (almost) all loans. For loans originated till Oct 1st, it was 2.25% for upfront mortgage insurance premium and .55% for most 30 year fixed loans with 3.5% down payment. For FHA loans originated starting today, the good news is upfront mortgage insurance is going down. But the not-so-good news is that the monthly mortgage insurance is going up by almost 175%.


As you can see from above numbers, even if you were pre-approved for a certain loan amount, you should revisit that with your loan officer since chances are you will now qualify for a smaller loan amount.

Contact me at 408.615.0655 or [email protected] if you would like to get pre-approved (again) for an FHA loan or would like to explore other financing options for your San Jose home purchase.

Related Post – FHA increases monthly mortgage insurance premium